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JP Morgan has created a new role within its treasury services division, as it works to capitalise on increased demands for cash management, liquidity and trade finance services from its financial institution clients.

A spokesman confirmed that the firm has appointed Philippe Penichou as head of financial institutions sales for JP Morgan Treasury Services in Europe, the Middle East and Africa. He was most recently head of financial institution sales for western Europe at JP Morgan.

The firm has 6,000 financial institution clients across 150 countries, making it the largest financial institutions bank in the world.

Treasury services has become increasingly important as firms contend with restricted liquidity, increased counterparty risk and economic volatility. Financial News understands that JP Morgan will further expand its set of treasury services, by entering new markets, broadening its suite of cash, liquidity and trade finance solutions, enhancing its technology infrastructure and hiring staff.

Separately, JP Morgan has made changes to its custody arm, which with $18.2 trillion is the third-largest in the world, following the integration with other businesses under the new corporate and investment bank in July.

According to an internal note seen by Financial News, the firm has streamlined the organisation. Carlos Hernandez, head of the so-called investor services division, said the changes create a "unified, end-to-end management of similar businesses and risks".

As part of the reorganisation, JP Morgan has appointed three new "leaders" of its investor services sections.

John Horner has been promoted to head prime brokerage and financing, an area of growth for the bank. Emily Portney is to lead agency clearing, collateral management and execution. Nick Rudenstine heads custody and fund services, which includes foreign exchange and other custody and fund services.

Dinkar Jetley, who became chief executive of the bank's custody arm in May last year, was also mentioned in the note.

"I would like to thank Dinkar Jetley for his significant contributions in leading the WSS businesses. In the months ahead, Dinkar will be instrumental in helping me with the integration of the businesses and shaping the new Investor Services organisation," said Hernandez.